It is now possible to get a cash advance to purchase medication on the MYDAWA platform following a partnership with Fintech and Financial Services firm Umba.
The move is meant to reduce the out-of-pocket health expenses brought about by the spiralling cost of healthcare that denies many their fundamental right to access quality and affordable medication and healthcare services.
The partnership also positively contributes to the Universal Health Coverage (UHC) goals in Kenya of ensuring every Kenyan gets quality healthcare services that they need without being pushed into poverty.
Kenyans can use Umba’s innovative point-of-sale financing through on the MYDAWA platform thus enabling patients especially those with Chronic Illnesses needing constant medication to get the care they really need so that they can focus on their health as opposed to worrying about whether they can afford medication or not.
Through the partnership, Umba will assess a patient’s credit score and provide micro finance options to those patients who cannot afford medication but want to purchase via the MYDAWA platform.
“We are very aware of incidents where a patient may have been prescribed an antibiotic to fight an infection but cannot afford the full dose as prescribed. What can happen under these circumstances is that the patient will buy perhaps 2 days’ worth. They may come back for a further 2 days but as they then feel better, they do not complete the course of medication. This often leads to the symptoms coming back, this time worse and often requiring a stronger dose of medication, for a longer duration. Actions that were taken because of a lack of money, in the end increases the cost to the patient in addition to the health impact.” explained MYDAWA MD Tony Wood.
In a world where Non-Communicable Diseases (NCDs) are becoming more prevalent, people on low incomes are sometimes unable to manage their conditions adequately due to lack of funds. Without proper treatment this can lead to a deterioration of their conditions and further lead to complications or hospitalisation.
Access to small loans to cover the costs of medication and allowing you to manage your condition can be the difference between leading a normal life or dealing with the complications that can occur from these conditions.
“At the core of MYDAWA is the commitment to achieve better health outcomes for all, which is our key motivator to constantly innovate ways that deliver a value-based and patient-centric care to consumers,” said MYDAWA Limited Managing Director Tony Wood. “Umba provides a platform that improves financial access. Our partnership is expected to provide a robust healthcare financing mechanism that aims at reducing the health expenses burden on Kenyans.” he added.
Commenting on the partnership, Umba founder, Barry O’ Mahony said that they are mindful of the fact that traditional banks cannot serve majority of the emerging markets due to a lack of formal credit history.
“Our mission is to build intelligent financing for the connected world through machine learning that helps us understand our customers’ needs.” said Mr. O’Mahony. “We are therefore excited to work with MYDAWA in providing a solution for healthcare financing problems in the sector. We are making this the most affordable financing solution for MYDAWA customers” he concluded.
The partnership will allow borrowers to secure loans of up to 1,600 KES after providing personally identifiable information; the platform will use an algorithmic approach to determine credit worthiness and offer a flexible repayment plan.
